Phishing Scams

Phishing is a scam tactic that fraudsters use to trick consumers and employees into revealing personal information about themselves or the companies they work for.

Phishing has evolved significantly, emerging as one of the most intricate and diverse scams. With the advancement of artificial intelligence and text-based scams, cybersecurity experts have observed a notable increase in fraudulent activities. Each scam starts with fraudsters targeting individuals using a variety of communication channels including phone calls, text messages, emails, and traditional mail. Some scammers meticulously set traps online and within search engines, patiently awaiting unsuspecting victims. Regardless of the communication method, the ultimate objective remains to deceive individuals into interacting with malicious links or visiting harmful websites, ultimately falling victim to phishing tactics.

Beware of Magnifi Financial Impersonation Scams:

We have noticed a rise in fraudulent phone calls and text messages claiming to be Magnifi Financial. If you receive any suspicious texts or calls, we strongly advise you to ignore and delete them promptly. Magnifi takes the security of our members very seriously and will continue to monitor and take steps to mitigate the impact. If you are concerned that your information may have been compromised, please contact us immediately.

Below are examples of phishing texts that have been brought to our attention.

Other Common Phishing Scams:

Geek Squad

Fraudsters pose as Geek Squad, Best Buy's renowned computer repair service, using various mediums such as email, SMS text, phone calls, and QR codes to extract personal information.

Microsoft

Victims unwittingly install harmful software when redirected to a scammer's site instead of the legitimate Microsoft platform. Subsequently, their computer gets locked, prompting them to contact a specified number for resolution.

PayPal

Scammers send deceptive messages pretending to be from PayPal, claiming to verify your account. These messages may contain attachments instead of links and may ask for the last four digits of your Social Security number.

Government Agencies

An individual posing as an FBI agent investigating an investment company may request that you transfer your retirement funds to an FBI holding account.

Airlines

Fraudsters strategically inserted links to a professional-looking website and provided false phone numbers for an airline during flight cancellations due to inclement weather.

Protect Yourself:
One crucial step in safeguarding yourself is to pause and verify any communication, even if you have an established relationship with the company. Fraudulent messages today may be harder to detect, with minimal errors and subtle alterations in emails or websites. If you have any doubts, it's best to stop the communication and contact the company directly through a verified channel.

• Avoid clicking on text and email links requesting personal or account information.
• Verify phone numbers and links provided in emails or texts.
• Refrain from opening unexpected attachments.
• Be cautious of suspicious messages and delete them, even if they appear from a known source.
• Magnifi will NEVER contact you by phone, email, or social media to solicit confidential, personal, and/or account information. This includes Digital Banking credentials, personal identification numbers, one-time passwords, secure access codes, or full debit or credit card information (16-digit number, expiration date, CVV number).

Check out our online and mobile security tips for keeping your personal and financial information safe.

Information sourced from BBB 2024 Phishing Scams Study